ICSAs Peter Swabey writes about the UK government's set of proposals to address issues with executive pay, stakeholder engagement and private companies.
For governance professionals, the UK government’s response to a consultation on its November 2016 green paper on corporate governance reform is among the key events of this year.
Under proposed reforms, the Department for Business, Energy and Industrial Strategy (BEIS) will join with regulators and industry to address issues of executive pay; strengthen employee, customer and supplier voices; and encourage corporate governance in large, privately-held businesses.
Not all the options discussed in the green paper made the final cut, prompting accusations in the press that the government had retreated from its original proposals.
ICSA: The Governance Institute supports sound governance principles and wishes to improve the standard of governance in the UK.
In ICSA´s joint letter with the Institute of Directors, the International Corporate Governance Network (ICGN) and the Trades Union Congress (TUC), they said to the prime minister on 24 January:
‘There are certainly some areas where improvement should be actively sought; others where more time should be given to assess the effectiveness of legal and regulatory measures that have already been taken; and still others where we are not convinced that an adequate case has been made for change.’
ICSA´s view is that the government proposals have fairly balanced the desire to see some issues addressed more quickly with awareness that legal, regulatory and industry initiatives over the last few years are starting to have an effect.
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